In speaking with Michael Hirschtick yesterday, he raised a very interesting point that I don’t think a lot of people realize: that enforcement of the Note and foreclosing on the Mortgage are two separate things.

I’ll say that again.

There are two parts to a home loan: the Mortgage and the Note. They are two separate and distinct things. A Mortgage (or Deed of Trust) is basically the instructions on what to do if a borrower defaults on a loan; the Note gives them the right to collect money.

One Response to “Produce the Note and Deficiency Judgments”

What a scam this produce the note / quiet title strategy is. My friend paid this attorney $8,000 only to be foreclosed on and had to move out in 48 hours…Wells Fargo won. When he contacted his so – called attorney, there number was disconnected.

Bottom line, there is no free ride people, and if it seems to go to be true, then it probably is. You as a buyer made a committment to pay off a 15 – 30 year loan. I have a few neighbors that have not paid their mortage in 3 years and actually think they own their home free and clear from this produce the note scam. Too funny. The Clerk of Court says they don’t own their home free and clear and are being forclosed on. I’m all for people to try and work with teir lender and far as a better rate, smaller payments, etc. Anything to stay in your house and make good. But thinking your going to skip out on your mortgage of $300,000 and own your home free and clear…well keep dreaming…I have some swampland in Florida I can sell you to for $10,000 ….LOL